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Indian Stock Market loses ground on political concerns
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Tuesday, 09 October 2007
The market drifted lower today, falling for the third day in a row, due to concerns arising on the political front. BSE IT index was the only index among sectoral and niche indices on BSE which was in the green. Market breadth was quite weak. Metal, auto and realty stocks plunged.

American markets galloped on Friday,5 October 2007. The Dow gained 95.36 points, or 0.68 %, on the day, closing at 14,069.67. The S&P 500 had a record session on Friday, posting new closing and intraday high records. rose 14.17 points, or 0.92 %, on the day to close at 1,557.01. US markets surged as non-farm payrolls report released on Friday 5, October 2007 showed US employers added 1,10,000 jobs in September 2007 and August 2007 job losses were revised to a gain, helping lift worries about a US recession in the near term.
BSE Mid-Cap and BSE Small-Cap indices underperformed the Sensex. Reliance Industries lost ground. Asian markets were trading mixed. European markets were subdued.
BSE clocked a turnover of Rs 7206 crore compared to Friday (5 October 2007)'s Rs 7,778.58 crore.
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The S&P CNX Nifty provisionally ended down 114.25 points, or 2.2%, to 5,071.60. It had hit a high of 5,249.30 in early trade. It hit a low of 5,024.75 in afternoon trade.

Of the 30 shares of the Sensex, 6 had moved up, while the remaining were trading down. The market breadth was quite weak on BSE: 447 scrips advanced, 2,256 declined, while 370 remained unchanged.

The market had opened on a firm note taking cue from firm global markets. The Sensex hit all-time high at the onset of the trading session. It later slipped into the red as political concerns took centrestage.

The BSE 30-share Sensex provisionally ended down 329.10 points, or 1.85%, to 17,444.26 points. It opened with an upward gap of 128.58 points at 17,901.94 and soon surged to all-time high of 17,982.59. Sensex hit an intra-day low 17,322.14 in afternoon trade. At day's low of 17,322.14, Sensex had lost 451.22 points for the day.


BSE Metal index was the biggest loser from sectoral indices on BSE. Steel shares declined after global steel industry association IISI said China, one of the largest consumers of the metal, would be a net steel exporter of 50-55 million tonnes in 2007.

Tata Steel (down 5.75% to Rs 785), Sail (down 5.49% to Rs 191.80) JSW Steel (down 5.37% to Rs 806), edged lower. Other metal stocks Sterlite Industries (down 2.83% to Rs 740.65) and Hindalco Industries (down 4.73% to Rs 161.0) also declined.

IT stocks gained ahead of Q2 September 2007 results. Infosys begins the earning season on 11 October 2007. BSE IT index was the only gainer from the sectoral indices on BSE. Infosys (up 0.52% to Rs 2,000), TCS (up 0.78% to Rs 1,078.50), Satyam Computer Services (up 1.98% to Rs 453.25) and Wipro ( up 1.95% to Rs 470.15), moved higher.


Among side counters, Intelvisions Software (up 19.96% to Rs 123.20), Phoenix International (up 20% to Rs 25), Surana Corporation (up 19.92% to Rs 44.25) , Panchmahal Steel (up 18.64% to Rs 315) and Patspin India (up 15.77% to Rs 13.95) edged higher.

Nagarjuna Chemicals & Fertiliser (down 15.71% to Rs 50.70), Chambal Fertilisers and Chemicals (down 14.06 % to Rs 48.30) and Mangalore Chemicals & Fertilisers (down 18.53% to Rs 32) were major losers.


Asian markets, which opened before the Indian markets, were mixed today. Taiwan's Taiwan Weighted (up 1.04% to 9,717.17) edged higher. Singapore’s Straits Times (down 0.06% to 3,820.31) and Hong Kong’s Hang Seng (down 0.22% to 27,770.29) edged lower.

European markets, which opened after the Indian markets, slipped into the red after starting on a positive note. France’s CAC (down 0.05% to 5,840.43), FTSE 100 (down 0.16% to 6,585.20) and Germany’s DAX (down 0.11% to 7,993.37) edged lower.


As per provisional NSE data, foreign institutional investors (FIIs) were net buyers of Rs 948.06 crore of equities, while domestic institutional investors (DII) were net sellers of Rs 201.61 crore of equities on Friday, 5 October 2007.
Bharat Heavy Electricals rose 1.73% to Rs 2,190.75. It hit a all time high of Rs 2,250 today.

Reliance Energy (down 5.19% to Rs 1,372, ACC (down 5.49% to Rs 1,112), Ranbaxy Laboratories (down 5.3% to Rs 410.25) were the major losers from the Sensex pack.

India’s largest private company in terms of market capitalisation and oil refiner Reliance Industries lost 2.86% to Rs 2,412.95.

Source: Capital Market
 
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